Citigroup to cut 11,000 jobs, a familiar story

By AP Business Writer CHRISTINA REXRODE

Created: Wednesday, December 5, 2012 1:00 p.m. CDT

NEW YORK (AP) — Citigroup said Wednesday that it will cut 11,000 jobs, a bold early move by new CEO Michael Corbat.

The cuts amount to about 4 percent of Citi's workforce. The bulk of them, about 6,200 jobs, will come from Citi's consumer banking unit, which handles everyday functions like branches and checking accounts.

Citi said that it will sell or scale back consumer operations in Pakistan, Paraguay, Romania, Turkey and Uruguay and focus on 150 cities around the world "that have the highest growth potential in consumer banking."

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